On March 14, 2024, Nilesh Undavia announced that on March 12, 2024, he has issued an open letter to shareholders of GrafTech International Ltd. Nilesh Undavia stated that beginning in December 2023, they began to privately engage with the Company where they expressed concerns with the Company?s performance. Their frustration is with the CEO search process which now has been ongoing for almost six months with no update; and most importantly, the Board?s abject failure to provide the necessary management oversight which has resulted in massive shareholder value destruction. Despite its good faith efforts to engage constructively, the Company has been dismissive of their concerns.

The Company appears to have been rudderless during a period of crisis. Nilesh Undavia added that he urged shareholders to begin a careful evaluation of the performance of the Company?s Board and management and in so doing, consider the following issues: shareholder value destruction, deteriorating financial performance, and corporate governance.